Electromagnetic Geoservices ASA (the “Company” or “EMGS”) releases information on vessel activity and multi-client sales during the quarter approximately 4-5 working days after the close of each quarter. The Company defines vessel utilisation as the percentage of the vessel charter period spent on proprietary or multi-client data acquisition. Downtime (technical or maritime), mobilisation, steaming, and some standby activities are not included in the utilisation rate.
At the end of the third quarter 2022 the Company had one vessel on charter, the Atlantic Guardian. During the quarter, the Atlantic Guardian completed a survey for the NTNU ATLAB consortium in Norway. Subsequently, EMGS completed acquisition of a fully-prefunded multi-client survey in East Canada, before starting transit towards the Caribbean. The revenue connected to the multi-client survey in East Canada will be recognised in the fourth quarter 2022.
The utilization for the third quarter was 22% compared with 48% for the third quarter 2021.
EMGS had one vessel in operation and recorded 3.0 vessel months in the quarter. In the third quarter 2021, the Company recorded 3.0 vessel months.
Multi-client revenues in the third quarter
The Company expects to record approximately USD 3.8 million in multi-client revenues for the third quarter of 2022.
